花旗发布研报称,长和(00001)去年业绩逊预期,但在外汇有利变动下今年盈利有望复苏。为反映长和旗下上市附属公司的最新市值,该行将公司2025财政年度的每股资产净值由129.17港元下调至118.31港元,并因此将目标价由56.8港元下调至53港元,评级为“买入”。
报告指,管理层指将限制资本支出及新投资,并在波动的商业环境中专注于严格的现金流管理。然而管理层相信其强大的资产负债表将使集团维持稳健的财务状况。另外,3 UK与Vodafone UK的合并已于去年12月获英国竞争及市场管理局批准,集团预期交易将于今年第二季内完成。完成后,合资将偿还旗下CKHGT所欠3 UK约17亿英镑股东贷款,管理层仍未决定如何调配现金,但强调维持现有信贷评级至为重要。
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